Search Results: monetary policy

As the world economy groans under soaring levels of debt, the place to look is Japan, whose current government debt-to-GDP ratio is an eye watering 253 per cent. It is Japan, which led the developed world into this mess, that is likely to lead the world out of it by cancelling debt. The consequences of such a move would be far reaching.

The promise of riches from the trickle-down effect is at best patchy for many Australians, and non-existent for others. Continuing with the same economic and social policy settings will exacerbate the already growing divide between the rich and the poor and eventually damage the economy to such an extent that it has a detrimental effect on everyone.

'Take that out of your mouth, I have to touch that,' barked the Border Protection officer, glaring at me. I'd been juggling bags, boarding tickets, and a passenger exit card, so my passport was positioned precariously between my lips. I wondered if there was a class for teaching them how to be that special mix of forcefully domineering and nasty. It's not just at airports that ordinary people are increasingly feeling a sense of helplessness in the face of bureaucratic antagonism.

If the argument about sacking specialist education officers for NSW prisons holds, then perhaps it should be applied to schools. Sacking all permanent teachers and throwing all lessons across the state open to tender should improve educational outcomes. The absurdity of such a suggestion should be obvious. If the government is serious about improving prison education, it should work with the experienced teachers to make those improvements.

In the last week Turnbull has lauded, as the world's best refugee policy, a system that has resettled no refugees over three years. Dutton has stated that asylum seekers will continue to be processed in Nauru for decades, and described the Australian policy, of which detention on Nauru is part, as compassionate and effective. These comments follow recent reports by NGOs Save the Children and UNICEF, as well as the Australian Human Rights Commission, on offshore detention. Both urge an end to it.

The main legislative catalyst for the GFC was the repeal, in 1999 by Bill Clinton, of the Glass Steagall Act, which had prohibited commercial banks from engaging in the investment business. This allowed the investment banks to indulge in the debauch of financial invention that almost destroyed the world's monetary system. Trump has made the reinstatement of Glass Steagall official policy. Should that happen, it could be the most beneficial development in the global financial system for decades.

It is one thing to sit at a desk and make policies that will impact on individuals across the sea whom you do not know. It is another thing to cross the sea, to look into the eyes of people abandoned there, to meet the children and see the pictures they have drawn, and to see in their eyes terror, despair, depression and contempt. For a prime minister to go to Manus Island would require him to throw off the shroud and stare affrighted at the maggots in the flesh of the body politic.

It is not often that federal political parties exhibit courage. Labor's decision to change the rules on negative gearing is a rare instance. It targets what is most dangerous and unfair in our financial system. Expect howls of protests from powerful lobby groups if it ever looks like becoming policy. But these changes alone won't be enough to deal with the ills of the financial system. While they are designed to target the bias away from productive investment, they won't remove the attraction towards property.

Low interest rates tend to change the understanding of risk; having high debt seems to be less of a problem because the cost of servicing it is lower. This cavalier attitude has been especially evident in Australian households, which have racked up more debt relative to the size of the economy than any other country in the world. The massive appetite for debt has been replicated across the globe. The world may have survived the era of casino money - just - but it is now facing another crisis.

I first met this Tony on my regular visits here to Darwin when he was working at the North Australian Aboriginal Legal Aid Service and then when he set up the mediation services under the auspices of Anglicare. In later years I knew him when he was your Anti-Discrimination Commissioner. He was a quiet, considered, gentle, strong and principled man. On Human Rights Day, it is only fitting that I honour Tony by offering some reflections on the architecture for human rights in Australia, on the contemporary human rights controversies, and on the way forward for better protection of the human rights of Aborigines and asylum seekers, two marginalised groups who had a special claim on Tony's sympathies.

International Monetary Fund prescriptions have a long history of failing, and countries that ignore them are often the ones that do surprisingly well. Few have been asked to be more servile than the Greeks. When the IMF came in with what is amusingly referred to as its austerity 'plan', the Greek economy was expected to grow at over 2 per cent. After the 'plan' had taken effect, the country’s economy had shrunk by a quarter.

In the early hours of Saturday, Prime Minister Alexis Tsipras had announced a referendum for July 5. Whether the average Spiro and Soula has much idea of the macroeconomic issues seems doubtful. I certainly haven’t. And there is not much time for them or me to learn. Spiro and Soula and I are naturally concerned about the supply of ready cash.